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Recent Posts
- Citigroup Is Having a Helluva Summer: A Protest on Thursday Will Turn Up the Heat
- Nikkei Has Biggest Drop in History: Here’s What’s Causing the Global Market Selloff
- JPMorgan Is Tapping Illiquid Assets in its Global Collateral Program; the New York Fed Is Paying for Its Services
- Bank Regulators Issue Warnings on Fintech and Banking as Disasters Pile Up
- Donald Trump Gives a Speech on Not Letting China Win the Crypto Race – Not Realizing China Banned Crypto Mining and Transactions Four Years Ago
- The New York Fed Has Contracted Out Key Functions to JPMorgan Chase; We Filed a FOIA and Got These Strange Invoices
- On the Eve of Netanyahu’s Address to Congress, Senator Bernie Sanders Delivers a Breathtaking Assessment of His War Crimes
- Trump’s Sit-Down with Netanyahu at Mar-a-Lago Will Cost U.S. Taxpayers Millions While Profiting Trump’s Business
- Protecting Trump and His Jet-Setting Adult Children During His Presidency Cost Taxpayers Over $1 Billion
- A Congressman and a Doctor Reported a Woman Being Shot at Trump Rally: She’s Vanished from Official Reports
- Jamie Dimon Goes Missing from Earnings Call, After Dumping $183 Million of His JPMorgan Chase Stock Earlier this Year
- U.S. Senate Candidate Backed by Hedge Fund Billionaires Was Sitting in Front Row at Trump Rally as the Sniper Fired into the Bleachers
- Project 2025: The Fossil Fuel and Banking Money Behind the Madness
- The Fund Created to Unwind a Failing Megabank Has a Problem: There’s No Money in It
- Joe Biden Versus the New York Times
- Grand Jury Transcript in Jeffrey Epstein Case Is Released, Raising Questions about Epstein’s Darkest Secrets Being Protected in JPMorgan Cases
- The Supreme Court Crowns a King, Immunizing Future Criminal Acts Under Project 2025 – a Right Wing Manifesto
- The Debate Disaster and the Supreme Court’s “Chevron” Repeal Have a Money Trail Leading to Charles Koch
- Congressman Andy Barr Stacks a Hearing on the Fed’s Stress Tests with Lobbyists for Megabanks
- The Fed Posts Historic Operating Losses As It Pays Out 5.40 Percent Interest to Banks
- Goldman Sachs’ Bank Derivatives Have Grown from $40 Trillion to $54 Trillion in Five Years; So How Did Its Credit Exposure Improve by 200 Percent?
- The Fed and FDIC Wake Up Suddenly to the Threat of Derivatives, Flunking the Four Largest Derivative Banks on their Wind-Down Plans
- Is the Stock Market Setting Investors Up for a Tech Bust Similar to the Dot.com Bust?
- Chase Bank Customers Are Reporting a Wave of Wire Fraud in their Accounts; the Bank Won’t Make Good on the Looted Funds
- The Senate Race in Ohio Is the Sickest in U.S. History in Terms of Billionaire Money from Outside the State
- Sullivan & Cromwell’s Legal Work for Sam Bankman-Fried’s Crypto House of Fraud Is Getting a Closer Look in Two Federal Court Cases
- Crypto Tries to Recreate the Koch Money Machine to Pack Congress with Shills
- French Fears Ignite Selloff in U.S. Megabanks and Foreign Peers
- Crypto Just Got Exponentially More Dangerous: Meet Fairshake
- Nvidia Hit a $3 Trillion Market Cap Last Week; Dark Pools Are Making Over 300,000 Trades in the Stock Weekly
- The Consumer Financial Protection Bureau Is Making Enemies in All the Right Places
- A Former Exec at Citibank Raises Alarm Bells in Federal Court Over Failed Risk Controls Inside the Bank
- Charles Koch’s Money Is Being Used in Elections in Ways Only Orwell Could Have Imagined
- Freakonomics and Frankenbanks: JPMorgan Chase Sucked Up 18 Percent of All Profits of 4,568 FDIC-Insured Banks in the First Quarter
- Academic Study Provides Hard Numbers to the Sick, Revolving Door Culture at Goldman Sachs, JPMorgan and Citigroup
- $244 Billion of Treasury Debt to Hit the Market Today and Tomorrow as Interest Rates Spike on Ballooning Supply
- CFTC Fines J.P. Morgan Securities — a Fed Primary Dealer — $100 Million for Failing to Surveil Potential Spoofing and High Frequency Trading for Eight Years
- Another FDIC-Insured Bank Got in Bed with Fintech; It’s Now Got a Dumpster Fire and Desperate Pleas from Customers for their Money
- Citigroup Gets Fined $79 Million Two Years After It Caused a $300 Billion Flash Crash in European Stock Markets
- After Weeks of Howling by MAGA Republicans for the Chair of the FDIC “to Resign,” a Democrat Delivers the Decisive Stab in the Back
- The Curious Money Trail Behind the Supreme Court/Clarence Thomas Decision to Rescue a Federal Agency that Wall Street Hates
- Saudi Arabia’s Wealth Fund Dumps Its JPMorgan Chase Stock; Warren Buffett’s Berkshire Hathaway Did the Same in 2020
- One of Jeffrey Epstein’s Protectors at JPMorgan Chase, Mary Erdoes, Has Sold $29 Million of Her Stock in the Bank Since Just Before Epstein’s Arrest in 2019
- Delinquencies on Office Property Loans at Banks Are at 8 Percent While Office Loans the Banks Sold to Investors Show 31 Percent in Trouble
- Goldman Sachs Shines Up Its Swamp Creature Reputation by Rehiring Robert Kaplan as Vice Chairman – the Guy Who Traded Like a Hedge Fund Kingpin While President of the Dallas Fed
- Cleary Gottlieb – Outside Counsel to Wall Street’s Serially Bailed Out Megabanks – Tarnishes the FDIC Chair in its So-Called “Independent” Report
- JPMorgan Chase and Its Regulators Are Hiding Dark Trading Secrets at the Largest and Riskiest U.S. Bank
- Campus Protests Over Gaza Open a Pandora’s Box for Wall Street Megabanks that Underwrote $8 Billion of Israel’s Bonds in March
- Wall Street’s Megabanks Have Trillions of Dollars Off-Balance Sheet, in a Replay of Accounting Hubris that Led to the 2008 Wall Street Collapse
- JPMorgan Remains the Second Largest Money Market Fund Manager, Despite Needing Billions in Money Market Bailouts from the Fed in 2020
Search Results for: JPMorgan
Wall Street’s Regulators are Denying FOIAs and Fostering More Public Distrust
By Pam Martens and Russ Martens: August 6, 2014 Getting what should already be public domain information from Wall Street’s regulators using the public records law known as the Freedom of Information Act (FOIA) has become next to impossible; and it’s fueling contempt for the Obama administration. Yesterday, a new NBC/Wall Street Journal poll found that a majority of Americans, 54 percent, now believe the President is unable to “lead the country and get the job done.” That poll follows another one from NBC and the Wall Street Journal that was released on September 13 of last year which found that only 14 percent of Americans held a favorable view of Wall Street. Another Gallup poll released in May found that stock ownership among U.S. adults is at a 16-year low, reflecting a growing distrust of a level playing field on Wall Street after bestselling author of “Flash Boys,” Michael … Continue reading
Paul Krugman Just Made the Worst Call of His Career
By Pam Martens: August 5, 2014 For years now, Paul Krugman, the esteemed Professor of Economics and International Affairs at Princeton University, has been using his columns at the New York Times to defend President Obama on multiple fronts. Until yesterday’s column, Krugman, who is typically spot on in the arena of monetary and economic issues, could be forgiven for his self-imposed myopia of a President who ran not once, but twice, on a populist message and then enabled the greatest wealth inequality in our nation’s history through his obsequious servility to Wall Street. Krugman cannot be forgiven for his latest missive, however. There is simply too much at stake for our nation to allow Krugman’s misguided musings to stand. Krugman starts off with the subtitle “Dodd-Frank Financial Reform Is Working” and ends with this stunning pronouncement: “For all its limitations, financial reform is a success story.” Judging by the … Continue reading
Citigroup Offers Five Times Leverage to Bank Depositors to Trade in Foreign Currencies
By Pam Martens: August 4, 2014 It’s so crazy that one’s first instinct is that it must be a spoof web site. It reads: “A Citibank International Personal Bank FX Leveraged Loan Account can help you maximize the most of what you have. It allows you to borrow up to 5 times your deposit balance to trade in foreign currencies, so you may increase your potential investment power.” (The italics on deposit balance are ours.) It turns out that this is a real Citibank offering, a real Citibank web site, and there is a similar deal being offered in Hong Kong by Citibank – one of Wall Street’s largest banks – a bank that appears hell bent on setting a Guinness World Record for the most screw ups in one decade. Putting aside the fact that Citigroup, parent of Citibank, is under investigation for potentially helping to rig foreign currency … Continue reading
Wall Street Journal Reporter: “The Entire United States Market Has Become One Vast Dark Pool”
By Pam Martens and Russ Martens: July 29, 2014 In 2012, Wall Street Journal reporter, Scott Patterson, released his 354-page prescient overview of U.S. market structure titled, Dark Pools: High Speed Traders, A.I. Bandits, and the Threat to the Global Financial System. (For those whose computer prowess is limited to turning on a laptop, like millions of fellow Americans, “A.I.” means artificial intelligence – machines teaching themselves to think like humans, but faster.) Patterson comes to an epiphany on page 339 of his book, writing in the notes section: “The title of this book doesn’t entirely refer to what is technically known in the financial industry as a ‘dark pool.’ Narrowly defined, dark pool refers to a trading venue that masks buy and sell orders from the public market. Rather, I argue in this book that the entire United States stock market has become one vast dark pool. Orders are … Continue reading
Between Suspicious Deaths and Cy Vance Criminal Prosecutions, Technology Jobs On Wall Street Are Now Among the Most Dangerous in America
By Pam Martens: July 17, 2014 Wall Street On Parade has been reporting for the past six months on a series of tragic, sudden deaths of Information Technology workers at JPMorgan. Now coming to the fore are stories of relentless prosecutions of Wall Street’s IT workers by Manhattan District Attorney, Cyrus Vance. Bloomberg News reports today that Vance is engaged in at least four prosecutions of Wall Street workers over theft of computer code or other intellectual property. Bestselling author, Michael Lewis, devoted a significant part of his latest book, Flash Boys, to the prosecution of Sergey Aleynikov over alleged stolen computer code. Aleynikov had been working for Goldman Sachs when he received an offer to move to a hedge fund and build a system from scratch. Aleynikov accepted the offer but agreed to stay at Goldman for six weeks to train his colleagues. (That does not seem like the action … Continue reading
Senator Warren Lets Yellen Know She’s Had It With the Fed’s Charade About Too Big to Fail
By Pam Martens: July 16, 2014 Yesterday, Federal Reserve Chair Janet Yellen delivered her Semiannual Monetary Policy Report to the Senate Banking Committee. Yellen deftly maneuvered questions on slack in the job market, asset bubbles on Wall Street, and assorted digs at the explosion of the Fed’s balance sheet to over $4 trillion as a result of quantitative easing. When it finally came to the turn of the last Senator on the docket to quiz Yellen, Senator Elizabeth Warren, the Fed Chair gave her a big, warm smile at the beginning of the questioning, likely figuring she was about to steal home and get big kudos for her performance back at the Fed. Things didn’t go as planned. Senator Warren has apparently been looking at the bare bones 35-pages released to the public for the various “living wills” or wind-down plans if a systemically important (too-big-to-fail) bank gets into trouble … Continue reading
$7 Billion Citigroup Settlement: About Those 25 Million Missing Documents
By Pam Martens: July 15, 2014 Yesterday, the U.S. Department of Justice announced its long anticipated $7 billion settlement with Wall Street mega bank, Citigroup, over its sale of toxic mortgage-backed bonds to investors, which included pensions, charities, cities, states, hospitals and FDIC-insured banks and others. The Justice Department informed us that it had collected “nearly 25 million documents” for this one investigation. The material facts the Department of Justice released to the public in its skimpy 9-page Statement of Facts (SOF) set a new low for bare bones disclosures. Instead of Appendix 1 being filled with incriminating emails or whistleblower letters proving Citigroup’s intent to defraud, it was instead a meaningless listing of deal names which tell the public absolutely nothing. Why would a serious law enforcement agency release such a worthless document to the public? To grasp exactly what is going on here, one need look no further … Continue reading
Who Owns the U.S. Stock Market?
By Pam Martens and Russ Martens: July 8, 2014 Serious observers of Wall Street are increasingly asking this question: could a group of trading venues with giant pools of capital, operating in the dark, using high-speed algorithms and artificial intelligence that has a massive historical database and gets smarter with each micro-second trade — effectively own the stock market. Today, we take a look at the massive trading control exercised by just five Wall Street firms. JPMorgan Chase, Bank of America and Citigroup jointly control trillions of dollars in commercial bank deposits with thousands of branch bank buildings stretching across the United States scooping up the life savings of everyday Joes who have no clue these are also the Masters of the Universe on Wall Street. Goldman Sachs and Morgan Stanley also own FDIC insured banks. Goldman Sachs Bank USA, as of March 31, 2014, has $104.7 billion in assets; … Continue reading
Shades of 1930 in Wall Street Banks’ Dark Pools?
By Pam Martens: July 7, 2014 On June 2 of this year, the Financial Industry Regulatory Authority (FINRA), a self-regulator of Wall Street’s broker-dealers, dropped a bombshell. For the first time, FINRA released trading data for Wall Street’s dark pools – unregistered stock exchanges that the SEC recklessly allows to trade stocks without making the bids and offers public, along with many other details. The bombshell, that mainstream business media has yet to comprehend, was that the same mega Wall Street banks whose share prices crashed in the 2008 financial crisis are today not only running dark pools for stock trading but they’re trading the stock of their own corporate parents – to the tune of tens of millions of shares a week. Those Wall Street banks include JPMorgan Chase, Bank of America Merrill Lynch and Citigroup. What could possibly go wrong in this arrangement? Two days after Franklin D. … Continue reading
Crushing Occupy Wall Street: It Was All About the Pitchforks
By Pam Martens: July 1, 2014 You know there is something different in the air when Rand Paul is railing against “fat cats” and a fat cat is worrying aloud about pitchforks in Politico Magazine. It all harkens back to one of the greatest grassroots awareness campaigns in history, variously called Occupy Wall Street or “We Are the 99 Percent.” In a messy, tarp-filled outpost in Zuccotti Park in lower Manhattan, the message of enforced inequality via the 99 percent brand was plastered across posters, hand-made t-shirts, street puppets, and even flashed onto skyscrapers in a creative blend of marketing savvy and social activism. From there, it tweeted around the world. This was creative destruction at its finest: calling out a failed system of crony capitalism that was only working for the 1 percent while creatively protesting for change in the streets – the only method left since the system … Continue reading